If you are thinking of down-sizing, this may be the perfect opportunity for you.
Charlotte is soon to be home to its first community of tiny houses. The tiny house, or small house, movement describes an “architectural and social movement that advocates living simply in small homes.” These homes usually total no more than approximately 500 square feet, and they are becoming increasingly popular as real estate costs continue to rise.
With home prices averaging around $300,000 and the average one-bedroom apartment renting for approximately $1100, many potential homeowners are considering going tiny to save costs and to scale back their lifestyle.
This new tiny home community in Charlotte aims to be affordable without being cheap. Situated on a 20-acre site, there will be 59 lots ranging in size from 493 square feet to 1,000 square feet. These tiny homes will start at $89,000, thus keeping mortgage costs below $500 per month. They can be built in approximately four to six weeks and they are fully customizable. While some tiny homes are meant to be moved or towed, these homes are permanently situated on their lots, allowing for mortgaging options rather than just a full cash payment.
The tiny house movement is the next big thing, and for more details on this new Charlotte community and what it means for the real estate market here, be sure to check out the article at wcnc.com.